Significant cash and investments that exceed debt and support a strong liquidity position. Substantial intellectual property rights. Continued position one of the largest mobile phone suppliers by volume, which creates scale advantages. Ongoing cost-reduction plan. Sharply declining position in the smartphone market. Negative operating margins in the Devices and Services division. Low profitability of and challenging competitive conditions affecting the network business. Estimated negative consolidated free operating cash flow in 2012. The ratings on Finland-based Nokia Corp. reflect our opinion of the company's fair business risk profile and intermediate financial risk profile. The ratings are constrained by the fiercely competitive nature of the mobile handset business that requires rapid technological advances to satisfy fast-changing customer demands; Nokia's revenues from Symbian-based
